Buyers seek United States waivers to buy Iranian oil amid new sanctions

Analysts’ estimates of the possible reduction in Iranian crude supplies as a result of any new USA sanctions range from 200,000 bpd to 1 million bpd. Hours before of Trump’s announcement, Iran’s Petroleum and Engineering Development Company (PEDEC) CEO Nouroddin Shahnazizadeh had said in a briefing that renewed sanctions on Iran would be costly, but not to the extent to worry government officials, according to Shana , the official news agency of Iran’s petroleum ministry. “President Trump is clearly articulating that he has minimal desire in an alternative agreement with Iran”, said Ehsan Khoman, head of research for Middle East and North Africa at Mitsubishi UFJ Financial Group. Energy industry insiders say Trump’s tough stance on Iran will probably keep oil and gasoline prices higher than they would otherwise be. Since then, Iran ramped up supplies, producing 3.81 million bpd in March 2018, nearly 4 percent of global output. […]